Planned Shanghai upgrade trial
The crypto asset (virtual currency) Ethereum core developer group held a regular meeting on the 2nd. We discussed the schedule for testing the next upgrade “Shanghai”.
If all the launches on multiple testnets are successful, there is also a view that the Shanghai upgrade on the mainnet will be possible by mid-March at the earliest.
Shanghai is the first Ethereum upgrade after the merge. The biggest interest for investors is that 16.2 million ETH (equivalent to approximately 3.18 trillion yen) and staking rewards can be withdrawn for the first time.
The September 2022 “Merge” upgrade completely transitioned Ethereum’s consensus algorithm from “Proof of Work (PoW)” to “Proof of Stake (PoS).” With the transition, the mining reward (13,000 ETH/day) that had been generated before became 0 (zero), and the amount of new ETH issued per day was only the staking reward (1,789 ETH at the time of writing).
There is a view that the implementation of the staking ETH withdrawal function will cause a certain amount of selling pressure in the short term, but there is also a positive aspect that liquidity will improve as funds are no longer restricted within the ecosystem. , is also expected to stimulate new ETH staking demand in the medium and long term.
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Zhejiang Testnet Publishing
Recap below 😄 https://t.co/XA7XJKx8nz
— timbeiko.eth (@TimBeiko) February 2, 2023
On February 2nd, the public testnet “Zhejiang” with staking withdrawal functionality was just launched. Barnabus Busa, a DevOps engineer at the Ethereum Foundation, said at the conference that even after factoring in the client software glitches, “We will be able to launch Shanghai on the Zhejiang testnet on February 7.”
After the successful launch of “Shanghai” on Zhejiang, it plans to launch Shanghai on each of Ethereum’s two public testnets. According to core developer Tim Beiko, Sepolia is scheduled to be implemented in Shanghai in mid-February, and will also be deployed on the Goerli testnet from late February to early March.
Staking service providers such as cryptocurrency exchanges and staking pools will be able to test their staking ETH withdrawal capabilities prior to production on these public testnets.
The Shanghai+Capella upgrade is going full steam ahead! The first public withdrawals testnet is launching 1st of Feb at 15 UTC.
All info here: https://t.co/S5kp9o6Pzs#TestingTheWithdrurge https://t.co/fw2SZqPbHe
—parithosh | 🐼👉👈🐼 (@parithosh_j) January 31, 2023
The pre-plan was to implement the “Shanghai” and “Capella” upgrades at Epoch 1350, six days after the Zhejiang testnet launch. Epoch is an indicator (processing period number) dedicated to ETH validators.
Ethereum consists of two layers, the execution layer and the consensus layer. Shanghai refers to the upgrade of the execution layer, Capella refers to the other upgrade, and these two will constitute the next upgrade.
Testnet Shanghai + Capella upgrade will allow testing staked Ethereum withdrawals. It is designed so that you can withdraw the entire amount or part of it.
Relation:Ethereum to Launch Public Testnet with Staking Withdrawal Feature